Paytm continues to disappoint investors, share tanks over 17%
Paytm share price today NSE , Paytm share price target: Shares of One97 Communications Ltd, Paytm's parent company, on Monday extended the loss to more than 10 per cent in early trade. On the NSE, the trading started at Rs 1,509 and shrunk to Rs 1,292 (17.22%). Likewise, the share price tanked over 17 per cent to trade at Rs 1,283 on the BSE.
Paytm share had made a weak market debut and tumbled over 27 per cent from the issue price of Rs 2,150 on November 18. The stock listed at Rs 1,950, registering a decline of 9.30 per cent against the issue price. The stock plunged 27.44 per cent to settle at Rs 1,560.
The stock got listed at Rs 1,955, tumbling 9 per cent from the issue price on the BSE. During the day, it tumbled 27.25 per cent to Rs 1,564. It tanked 27.24 per cent to settle at Rs 1,564.15.
Ant Group-backed Paytm's Rs 18,300 crore IPO was oversubscribed 1.89 times. This was greater than miner Coal India's Rs 15,000 crore offer a decade back. Paytm saw a dull response and got subscribed only 1.89 times from the investors which was much lower compared to the other recently listed companies.
Paytm had fixed its IPO in a price band of Rs 2,080-2,150 per share. Incorporated in 2000, One97 Communications is India's leading digital ecosystem for consumers and merchants. It offers a range of services, including payment services and financial services.
READ MORE: Paytm, India's biggest IPO in corporate history, is also the biggest listing day loser
